Indian Economics GK Quiz for Competitive Exams

NEW Indian Economics GK Quiz for Competitive Exams

Welcome to our Indian Economics GK Quiz, tailored for competitive exam aspirants! Dive into a world of economic principles, policies, and key figures that shape India's financial landscape. Test your knowledge and sharpen your understanding of topics ranging from fiscal policies to market dynamics. Whether you're preparing for government exams or simply curious about the economic fabric of India, this Indian Economics GK Quiz is your gateway to mastering essential economic concepts. Let's embark on a journey through the heartbeat of India's economy!

Indian Economics GK Quiz

In this article Indian Economics GK Quiz for Competitive Exams, we are sharing the latest and most important Indian Economics GK Questions with Answers for those aspirants who are preparing for upcoming competitive exams.

Also, Read Latest Current Affairs Questions 2023: Current Affairs Today

Test your knowledge and stay ahead with our General Knowledge Mock Test and Current Affairs Mock Test– a perfect way to challenge yourself and stay updated!

Indian Economics GK Quiz for Competitive Exams

Q :  

Plan revenue expenditure relates to _______.

I. Five-year plans

II. Salaries and pensions

(A) Only I

(B) Neither I nor II

(C) Both I and II

(D) Only II

Correct Answer : A
Explanation :

Any expenditure that is incurred on programmes which are detailed under the current (Five Year) Plan of the centre or centre's advances to state for their plans is called plan expenditure. Plan expenditure is further sub-classified into Revenue Expenditure and Capital Expenditure.

Q :  

Which of the following is NOT an advantage of E-Commerce?

(A) Cost saving and price reduction

(B) Late response to customer needs

(C) Wider choice

(D) Improved customer services

Correct Answer : B
Explanation :

The correct answer is Late response to customer needs. A late response to customer needs is NOT an advantage of E-Commerce.

Q :  

The value of GDP at the current prevailing prices is called _______.

(A) Nominal GDP

(B) Current GDP

(C) Domestic GDP

(D) Real GDP

Correct Answer : A
Explanation :

Nominal GDP is the value of GDP at the current prevailing prices.

Q :  

The decadal growth rate of the population between 2001-2011 is ______.

(A) 18.70 per cent

(B) 15.70 per cent

(C) 17.70 per cent

(D) 16.70 per cent

Correct Answer : C
Explanation :

According to preliminary Census 2011 data, there are 1210.19 million people living in the nation. Out of these, 623.72 million (51.54%) are men and 586.46 million (48.46%) are women. The following are the main points of the Census 2011 (Provisional figures): Over the decade from 2001 to 2011, India's population grew by more than 181 million people. Percentage growth in 2001-2011 is 17.64; males 17.19 and females 18.12. With the exception of 1911–1921, the decade from 2001–2011 is the first in which population growth was lower than that of the prior decade. The most populous State in the nation is Uttar Pradesh, with 199.5 million people, followed by Maharashtra, with 112 million.

Q :  

In which of the following market structures, there is a variable demand curve?

(A) Perfect competition

(B) Monopoly

(C) Oligpoly

(D) Monopolistic competition

Correct Answer : C
Explanation :

There is freedom of entry and exit. Sellers have perfect knowledge about the market conditions. They are price taker. Price Elasticity of Demand of a firm is Infinite which means demand curve for Perfect competition is a Perfectly Elastic.

Q :  

In which case the consumer surplus is maximum?

(A) Durable goods

(B) Vilas

(C) Rest

(D) Needs

Correct Answer : D
Explanation :

Consumer surplus is highest in the case of necessities because consumers would be willing to pay a very high price as it is essential for their survival.

Q :  

What is the number of sellers in a monopolistic market structure?

(A) very few

(B) very much

(C) one

(D) two

Correct Answer : C
Explanation :

In monopolistic competition, you can find two and more sellers that compete with each other, whereas in a monopoly, there is only one seller.

Q :  

Who developed the innovative theory of profit?

(A) Walker

(B) Clarke

(C) Knight

(D) Schumpeter

Correct Answer : D
Explanation :

The 'Innovation Theory of Profit' was proposed by Joseph. A. Schumpeter who believed that an entrepreneur can earn economic profits by introducing successful innovations.

Q :  

Camera_object is in the hands of a professional photographer.

(A) Free

(B) Intermediate

(C) Consumer

(D) Capital

Correct Answer : D
Explanation :

Camera, in photography, a device for recording an image of an object on a light-sensitive surface; It is essentially a light-tight box with a hole to admit light that is focused onto a sensitive film or plate. 35 mm single-lens reflex (SLR) camera.

Q :  

Which of the following may be called a fiscal deficit?

(A) Revenue expenditure − Revenue receipts

(B) Capital expenditure – Capital receipts

(C) Total expenditure – Total receipts other than borrowings

(D) Revenue expenditure + Capital expenditure − Revenue receipts

Correct Answer : C
Explanation :

Fiscal Deficit is the difference between the total income of the government (total taxes and non-debt capital receipts) and its total expenditure. It occurs when the government's expenditure exceeds its income.

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    Rajesh Bhatia

    A Writer, Teacher and GK Expert. I am an M.A. & M.Ed. in English Literature and Political Science. I am highly keen and passionate about reading Indian History. Also, I like to mentor students about how to prepare for a competitive examination. Share your concerns with me by comment box. Also, you can ask anything at

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